Beijing is providing funding for China’s first home-grown venture capital funds in an attempt to foster a local industry to rival foreign funds operating in the country and to kickstart a new development zone. As many as 10 funds with a combined total of more than Rmb20bn ($2.6bn) to invest, including joint ventures with foreign funds, will be approved for the Tianjin Binhai New Area, a new special economic zone, said an official. Foreign funds see Beijings’s state-led approach to fostering a domestic private equity and venture capital industry as an effort to replace them with home-grown funds.

This entry was posted by Gwen Robinson on Wednesday, September 5th, 2007 at 5:32 and is filed under Capital markets, M&A, Private equity. Tagged with china. Edit this entry.